KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
India’s industrial production contracted in August for the first time in nearly two years, signaling a slowdown in the country’s rapid economic growth. The index of industrial production declined by 0.1% year-on-year, following a 4.7% growth in July, according to the Ministry of Statistics . Economists had predicted a 1% increase . This decline aligns with other indicators pointing to a moderation in India’s growth . Purchasing managers’ surveys for September showed a slowdown in both the services and manufacturing sectors , while output in eight core industries —including steel, coal, and cement—also contracted by 1.8% in August compared to a year earlier. After India’s economy expanded by over 8% in the fiscal year ending in March 2024, economists are now downgrading their forecasts for the current fiscal year’s GDP growth , with the median estimate at 6.9% . Some banks, like Goldman Sachs , predict growth as low as 6.5% , while the Reserve Bank of India remains more optimis...